The Alibaba Group remains unknown in Europe, although it operates the largest B2B sales platform in the world, controls the "Chinese eBay" Taobao, and intervene in half of China's online financial transactions via Alipay . A group that has made its founder Jack Ma the richest man in China, which Yahoo holds a 15% stake.
Marissa Mayer hoped to fund Yahoo! refocusing selling this participation 35 to $ 40 billion. A complex installation should have allowed him to realize this transaction outside US borders, and thus save more than ten billion tax dollars. But that was before the IRS, ready to go to trial to calm the ardor of Yahoo !.
The opposition of the IRS was right in the patience of investors, including some as the investment fund Starboard Value argued in favor of a sale of the other properties of Yahoo !. The board now gives them reason: instead and split up, he proposes a reverse split.
Yahoo! would transfer all its assets to a new listed company, to preserve nothing but its stake in Alibaba. The transaction is expected to take one year, the time to obtain the approval of the company's partners, shareholders, and regulators. But it should be less expensive than would have been taxation in due form of income from the sale of Alibaba.
The idea is that it can be very rewarding, since Yahoo! could take the opportunity to sell at the cut. Softbank could for example take control of Yahoo! Japan, the most visited website in Japan, the Yahoo share being estimated at more than eight billion dollars. The rest of the company, whose portal is today the fifth most visited website in the world, is worth billions.
Suffice to say that Yahoo! as it exists since 1995 in its last months unless new turnaround last minute. We can not say that Marissa Mayer's strategy is a failure: the acquisition of Tumblr and production of original content adapted for mobile bore fruit. But it is also not a success: the growth of new divisions does not compensate the losses of old.
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